December 16, 2019
According to the research report titled ‘Essential Oils Market Size By Application (Orange oil, Lemon oil, Eucalyptus oil, Clove oil, Peppermint oil, Jasmine oil, Rosemary oil, Cornmint oil, Citronella oil, Geranium, Spearmint oil, Lavender oil, Tea tree oil and others), By Application (Food & beverage, Aromatherapy, Cosmetics & Toiletries, Pharmaceuticals, Cleaning & Home care, Animal Feed, Fragrances and Others) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026’, available at MarketStudyReport.com, the global essential oils market is projected to cross USD 15 billion by the year 2026.
Surging need for plant-based products due to their health benefits is a major factor driving the growth of essential oils market. Essential oils are an effective alternative to pharmaceutical drugs since these oils are extensively used in treatment of respiratory and skin disorders. This factor in tandem with increasing adoption of essential oil products in therapeutic practices is aiding the expansion of the market.
Moreover, strict government policies and stringent labelling norms enforced for pharmaceutical and food industries are likely to fuel the growth of the market over the forecast period. Growing occurrences of various health conditions such as insomnia, menstrual and acne in consort with rising adoption of alternative medical procedures is contributing towards the essential oils market expansion.
In terms of product type, the lavender oil segment is growing substantially due to rising adoption of essential oils in food and beverage industry. Furthermore, growing inclination towards use of lavender oil in manufacturing skin care products, perfumes and other beauty care products are also contributing toward the growth of the segment.
Based on application spectrum, the pharmaceuticals segment is expected to grow by 8% during the estimated timeframe. Essential oils are often used for cancer and cardiovascular disease treatments. This factor along with escalating investments in research & development activities for enhancing drug delivery procedures are fueling the growth of the pharmaceuticals segment in essential oils market.
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Considering the geographical landscape, North America essential oil market is registering substantial growth owing to shifting consumer preferences towards plant-based ingredients. Expanding pharmaceutical industry in consort with high popularity of aromatherapy are also augmenting the demand for essential oils across the North America region.
In addition, rising adoption of oil-based self-care treatments and development of advanced healthcare procedures are fueling the growth of North America essential oils market. Lack of import regulations in the United States and presence of duty-free trade is surging the demand of essential oils across the region.
The prominent companies operating in the essential oils market are Firmnich, Young Living, Symrise, Frutarom, Bio Landes, Flacon and DoTerra.
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